On 23 July 2020, the Government released an Economic and Fiscal Update to address the effects of COVID-19 on the Australian economy and provide revised estimates for the budget position for 2019/20 and 2020/21. 

As part of this update the Government announced a plan to extend the early release of superannuation scheme. Individuals who are financially impacted by COVID-19 may apply for the early release of up to $10,000 of superannuation, with the application period extended from 24 September 2020 to 31 December 2020.

The Government also reiterated other new stimulus measures recently announced including:

  • Extension of the instant asset write-off increase period from 30 June 2020 to 31 December 2020 (announced 9 June 2020)
  • The JobTrainer Skills Package and establishment of the JobTrainer fund (announced 16 July 2020)
  • Extension of the Supporting Apprentices and Trainees wage subsidy for a further 6 months to 31 March 2021 and expanding it to medium-sized businesses from 1 July 2020 (announced 16 July 2020).
  • Extending the COVID-19 SME Guarantee Scheme to loans written until June 2021, with targeted amendments (announced 20 July 2020).
  • Extension of the JobKeeper payment at a tapered level for an additional 6 months, from 28 September 2020 to 28 March 2021 (announced 21 July 2020)
  • Extension of the Coronavirus Supplement from 25 September to 31 December 2020, at a reduced rate (announced 21 July 2020)

The 2020/21 Federal Budget is due to be handed down on 6 October 2020.

Further information

Treasury, Extending the instant asset write-off, 9 June 2020

Prime Minister of Australia, JobTrainer Skills Package for Economic Recovery and Growth, 16 July 2020

Treasury, Supporting small business to adapt, grow and create jobs, 20 July 2020

Treasury, JobKeeper Payment and income support extended, 21 July 2020

Treasury, Economic and Fiscal update, 23 July 2020

The Macquarie Coronavirus resource hub will be updated with revised information in due course. 

Additional information

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